Dictaphone, the parent company of speech recognition and digital dictation firm Dictaphone Healthcare Solutions Group, has signed a definitive agreement with NICE Systems under which NICE will acquire the assets of Dictaphone's communication recording systems (CRS) business for $38.5 million.
The CRS unit is a provider of recording systems for 911 centers and other mission-critical operations in the public safety, financial, and call-center markets, the Stratford, CT-based Dictaphone said.
The company said the sale of the CRS unit is part of its strategy to create a company focused principally on the healthcare information technology market. Dictaphone will retain its integrated voice systems division and other business units. The firm said it intends to use the proceeds of the CRS sale to continue the pursuit of its healthcare information technology growth strategy and to prepay a portion of its subordinated debt.
The boards of both companies have unanimously approved the transaction, which is expected to close by the end of the second quarter of 2005, subject to certain closing conditions.
By AuntMinnie.com staff writers
April 13, 2005
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